If you are looking for a business loan in the US and you can't
get a loan from your local bank, then this probably means you
have poor credit OR you haven't been in business long enough to
suit the bank OR you just don't have enough collateral to give
them the security they need to give you the loan.

If you have been denied a business loan because of poor credit,
you still have options although the ugly truth of the matter is
that you are going to have to jump through some extra hoops to
get the loan:

1. You will pay a higher interest rate

2. You may have to pay a loan fee

3. You may still have to put up collateral

If you have been denied a loan because you haven't been in
business long enough or you don't have enough collateral to
offer then you also have other options. These include:

1. Angel investors looking to invest in startup companies

2. Venture Capitalists looking for startup companies

3. Private investors

4. More collateral to offer

When you apply for a business loan, the lender wants to know how
you are going to use the money, how you are going to pay the
money back, and how much of your OWN money are you willing to
risk? They will want to see your sales records, expense sheets,
your financial projections, your marketing plan along with your
business plan, and a few other records.

If you have applied for a business loan from 2 banks and been
denied, you can approach the Small Business Administration for a
loan. There will be a LOT of paperwork involved with this
process so be prepared not to get the loan 'quickly'. The SBA
does offer a "pre-qualification" program which you can check out
at their web site www.sba.gov

If you have poor credit and you know it read on...

There are several ways to repair your credit with the first one
being to obtain a copy of your credit report. There are several
online web sites that will give you access. Also you are able to
get a copy of your credit report once a year for free.

Check your report for mistakes and then write to the credit
reporting agency immediately with any disputes because it can
take up to 30 days to get those removed if they are inaccurate.
If you have non-payments or chargeoffs, try to set up a payment
plan with the creditors IF they will remove the negative
listings.

Business Loan Fees

If your credit score is poor and you look to financial
institutions that are not banks, then you will most likely have
to pay a loan fee or a finders fee. Why? These companies try
very hard to get you a loan. You will probably have to come up
with some collateral. They WANT you to get the loan because then
they get paid. They take your application and submit it to
several different lenders trying to get you approved.

Again this can be a slow progress unless you get paperwork to
them in a timely manner. The quicker you fill out needed forms,
the quicker you can get approved for a loan. Rest assured you
ARE going to pay a higher interest rate because you are
considered a "risk". If you haven't managed your money well,
then that tells them you might not manage their money well
either.

Everyone deserves a second chance and they know that, but they
won't give it to you without the fees or higher interest rates.
If you DO decide to accept one of the loan offers, be sure to
manage your money!

About the author:

Rebecca Game is the founder of Digital Women, an online
community for women in business. A 30 year entrepreneur and
dedicated to helping other women. Visit her site: Loans for Women

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